Comprehensive Financial Planning

WHAT IT MEANS TO 'PLAN'

Never before has it been more difficult to prepare for your future.  Saving for a home, getting married, raising a family, preparing for your children's education, retiring comfortably, leaving a legacy: these are many of the things that clients want to accomplish, yet often navigate on their own.

The question is: how efficiently do they negotiate this process, especially as they balance the daily priorities of their family, their careers, and their lives?  In our experience, clients who have an ally, an advocate, and a resource are far more likely to pursue their goals with fewer missteps than those who go it alone.

It's for exactly that reason that we invite you to join us on an in-depth and insightful journey into your own finances.  This relationship serves as the basis of our wealth management model, both because it will identify your strengths and weaknesses, and because it will shed light on the future outcome of your present-day decisions.  Knowing what lies ahead is the key to preparing for it, which is the ultimate goal of any comprehensive financial plan.
 

WHAT ARE OUR CORE PLANNING TOPICS?

In order to provide our clients with the greatest level of service, we specialize in the following five areas of expertise, including unique situations that don't necessarily fall into one of the categories below (e.g. marriage, divorce, inheritance, special needs children, etc.).  In all cases, we are capable of addressing our clients' needs through the support of our independent broker-dealer: LPL Financial, LLC.   Depending upon the situation, we may also consult with our professional network of Boston-based legal, tax, and financial professionals.  Please note that DKG Financial and LPL Financial do not provide legal advice or services.  We recommend that clients consult their legal advisor regarding their specific situation.

• Personal Finance
• Retirement
• Education
• Tax
• Estate
   
  • Personal Finance:  We work with clients to help them gain control of their current financial affairs, providing them with a practical education about budgeting, investing, managing debt, and planning for their future.  Our goal is to help clients develop a fundamental understanding of how best to organize their finances so that they are prepared to accomplish their life goals.
    
     
  • Retirement:  Perhaps the most commonly sought-after planning topic, we guide pre-retirees saving for retirement as well as retirees who are enjoying the fruits of their previous labor.  For younger clients in the accumulation phase, we emphasize the importance of disciplined saving and educate them about their retirement investment options.  Using sophisticated financial planning software, we show them exactly how much progress they've made towards their goal and what it will take to pursue their dreams.
    
    As they approach retirement, a client's focus tends to shift from accumulation to preservation, requiring them to adjust both their portfolio and their mindset.  During this stage, we identify the most efficient social security strategy for their situation and illustrate how to create a potential income stream from their accumulated portfolio.  We evaluate an unlimited number of customized scenarios that depict any event, expected or otherwise.  This could include positive or negative market events, change in lifestyle, the passing of one spouse, or even the effect of a long-term care expense.  Regardless of the scenario, we incorporate all of the client's retirement criteria, including their various income sources (pension, social security, investments, rental property, employment), as well as their debts and liabilities, taxes, personal goals, etc.
    
    Finally, as our clients formally enter retirement, we continue to serve as a constant resource for their needs.  During our meetings, we discuss their lifestyle objectives, address any personal or financial changes, and inform them of any estate or tax law revisions that may affect them.  As part of these discussions, we periodically revise the client's initial retirement plans, allowing them to monitor their progress relative to their original strategy.  Should changes be necessary, clients can evaluate their options in real-time, with a clear understanding of any potential scenario.
    
     
  • Education:  Prior to retirement, many families have one significant financial hurdle to clear.  Whether they have one child or many, preparing for college is a major financial commitment.  Our aim is to make the process easier, more affordable, and less overwhelming.  While we highly encourage all of our clients to start saving when their children are young, we recognize that many families may have started at a later point in their lives.  Regardless of when they begin, we educate them about their college savings options and explain which investments offer the best balance of flexibility, tax-efficiency, and financial aid eligibility.
    
    As college draws nearer, we encourage our clients' children to be included in the conversation, both so that they grasp the magnitude of selecting the appropriate school and so that they understand how they may share in the eventual financial burden.  Working together with their parents, we explain the financial aid process and motivate them to pursue scholarships and grants.  Upon entering school, we continuously advise parents on how best to manage their own budget, balancing the financial obligations of college with their personal retirement savings plan.
    
     
  • Tax:  While we are not formally accountants, we advise clients on a number of tax-related subjects, many of which are intertwined with our other core planning topics.  For example, we help our retirement-focused clients evaluate tax-efficient investment options that could potentially reduce their taxable income and offset their taxable investment earnings.  At retirement, clients can implement a number of social security strategies that aim to minimize their potential taxation, especially if they opt to work part-time.  For education-focused clients, we prefer to invest in state-sponsored college savings plans, which allow for qualified tax-free distributions (and depending upon your state of residency, potentially tax-deductible contributions).  In all cases, we work in unison with our clients' accountants, making sure that their specific tax needs are addressed with consideration to their financial plan.
    
     
  • Estate:  In our opinion, this topic is the most overlooked, yet most important wealth management subject of all.  Considering the amount of time, energy, and effort that individuals spend accumulating assets over their lifetime, they often fail to address how their families will be affected and their personal assets will be distributed after their passing.
    
    Contrary to public opinion, a basic will is often inadequate and may not provide the necessary instructions to settle one's estate.  In reality, estate law is far more complex and requires a properly developed estate strategy to protect your spouse and your dependents, all while distributing your assets in the most tax-efficient and creditor-protected manner.  It's for that reason that we work in conjunction with our clients' estate attorneys, ensuring that their estate documents are aligned with their personal financial plan.